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VESTAR REPORTS 1992 THIRD QUARTER AND NINE MONTHS; THIRD QUARTER REVENUES ARE UP 72 PERCENT; NET INCOME RISES 80 PERCENT

VESTAR REPORTS 1992 THIRD QUARTER AND NINE MONTHS; THIRD QUARTER
 REVENUES ARE UP 72 PERCENT; NET INCOME RISES 80 PERCENT
 SAN DIMAS, Calif., Oct. 27 /PRNewswire/ -- Vestar Inc. (NASDAQ: VSTR) today reported that for the quarter ended Sept. 30, 1992, total revenues increased 72 percent to $7.9 million, compared to revenues of $4.6 million reported for the same period in 1991. Net income was approximately $.9 million, or $.06 per share, for the 1992 quarter, compared to net income of $.5 million, or $.03 per share, for the third quarter last year. For the nine months ended Sept. 30, 1992, revenues increased 118 percent to $21.8 million, and net income was $3.0 million, $.19 per share, as compared to revenues of $10.0 million and a net loss of $1.9 million, or ($.30) per share, for the same period last year.
 "Vestar is now in its second year of profitability, with revenues continuing to rise for eleven consecutive quarters. Our gross margins continue to hold steady at target levels, enabling us to invest in both advanced clinical programs and extensive new product development activities," said Roger J. Crossley, M.D., Vestar president and chief executive officer. Crossley added that for the nine months 1992, research and development expenditures were $7.2 million, up 52 percent over the same period last year.
 Among the company's recent accomplishments were the full regulatory approval of AmBisome(R) in Germany for the treatment of systemic fungal infections; the initiation of Phase III clinical trials of DaunoXome(R) for the treatment of Kaposi's sarcoma; and the inception of Phase II trials of DaunoXome(R) for colorectal cancer.
 Vestar, headquartered in San Dimas, develops, manufactures and markets pharmaceuticals to treat patients with cancer and serious infections, including AIDS. Among the company's proprietary drug delivery technologies are liposomes to encapsulate pharmaceuticals, and lipid prodrug technology for the development of orally active compounds. Since 1989, Vestar has been marketing in Europe AmBisome(R), a liposomal formulation of amphotericin B, to treat systemic fungal infections. DaunoXome(R), a liposomal formulation of the chemotherapeutic agent daunorubicin, is in development as Vestar's second major product.
 VESTAR INC.
 Condensed Consolidated Statements of Operations
 (unaudited)
 For the Quarter and Nine Months Ended Sept. 30, 1992 and 1991
 (000s omitted, except per share amounts)
 Quarter Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Revenues
 Product $7,228 $4,164 $19,550 $9,254
 Collaborative
 agreement
 and contract 78 183 410 347
 Interest income 627 205 1,792 408
 Total revenues 7,933 4,552 21,752 10,009
 Expenses
 Cost of goods sold 976 1,045 2,905 2,591
 Research and
 development 2,709 1,253 7,222 4,760
 Selling, general and
 administrative 3,234 1,750 8,363 4,564
 Total expenses 6,919 4,048 18,490 11,915
 Income (loss)
 before provision
 for income taxes 1,014 504 3,262 (1,906)
 Provision for
 income taxes 91 --- 294 ---
 Net income (loss) $923 $504 $3,262 ($1,906)
 Net income (loss)
 per common share $0.06 $0.03 $0.19 ($0.30)
 Shares used in
 computation of
 net income
 (loss) per
 common share 15,879 10,847 15,678 8,080
 -0- 10/27/92
 /CONTACT: Michael E. Hart, CFO of Vestar, 714-394-4119; or Marcia Kean, executive VP of Feinstein Partners, 617-577-8110, for Vestar/
 (VSTR) CO: Vestar Inc. ST: California IN: MTC SU: ERN


BP-LS -- LA005 -- 5181 10/27/92 08:30 EST
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Publication:PR Newswire
Date:Oct 27, 1992
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